Consolidated Record Gross Margin of 51.67%
LAS VEGAS, NV, Aug. 13, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- CLS Holdings USA, Inc. (OTCQB: CLSH, CSE: CLSH.CN) (“CLS” or the “Company”), a diversified cannabis company operating as Cannabis Life Sciences, is pleased to report unaudited consolidated revenue of $1.07 million for the month of July 2019.
July 2019 Highlights
- Consolidated revenue of $1.07 million compared to $0.60 million in July 2018, an increase of 91%.
- Revenue from the Company’s Oasis Cannabis dispensary of $659,172, a 78% increase over July 2018 dispensary revenue of $370,319.
- A 104% increase in dispensary customers, from 8,173 (250 per day) in July 2018 to 16,674 (550 per day) in July 2019.
- Revenue from City Trees, the Company's branded products and bulk flower division, of $446,156, a 113% increase over July 2018 City Trees revenue of $209,443.
- July 2019 consolidated gross margin of 51.67%, up from consolidated gross margin of 33.45% in July 2018.
According to Andrew Glashow, President and COO of CLS Holdings, "July was another strong month for Oasis Cannabis and City Trees, continuing what has already been an exciting summer for the Company. These operating successes are the result of an extremely dedicated group of people who make up a great TEAM! Looking forward, August is off to a strong start and we are in the process of planning an exciting Labor Day weekend event as well as launching exciting new product offerings. Construction of our proprietary patented conversion and extraction facility is progressing on schedule; stay tuned as we share images on our new corporate website.”
About CLS Holdings USA, Inc.
CLS Holdings USA, Inc. (CLSH) is a diversified cannabis company that acts as an integrated cannabis producer and retailer through its Oasis Cannabis subsidiaries in Nevada and plans to expand to other states. CLS stands for ''Cannabis Life Sciences,'' in recognition of the Company's patented proprietary method of extracting various cannabinoids from the marijuana plant and converting them into products with a higher level of quality and consistency. The Company's business model includes licensing operations, processing operations, processing facilities, sale of products, brand creation and consulting services.
Twitter: @CLSHusa
About Oasis Cannabis
Oasis Cannabis has operated a cannabis dispensary in the Las Vegas market since dispensaries first opened in Nevada in 2015 and has been recognized as one of the top marijuana retailers in the state. Its location within walking distance to the Las Vegas Strip and Downtown Las Vegas in combination with its delivery service to residents allows it to efficiently serve both locals and tourists in the Las Vegas area. In February 2019, it was named ''Best Dispensary for Pot Pros'' by Desert Companion Magazine. In August 2017, the company commenced wholesale offerings of cannabis in Nevada with the launch of its City Trees brand of cannabis concentrates and cannabis-infused products.
About City Trees
Founded in 2017, City Trees is a Nevada-based cannabis cultivation, production and distribution company. Offering a wide variety of products with consistent results, City Trees is one the fastest growing wholesale companies in the industry. Its products are now available at 44 dispensaries.
Forward Looking Statements
This press release contains certain ''forward-looking information'' within the meaning of applicable Canadian securities legislation and ''forward-looking statements'' as that term is defined in the Private Securities Litigation Reform Act of 1995 (collectively, the ''forward-looking statements''). These statements relate to anticipated future events, future results of operations or future financial performance, and anticipated growth, including the timing of anticipated construction and implementation of our expansion plan. In some cases, you can identify forward looking statements by terminology such as ''may,'' ''might,'' ''will,'' ''should,'' ''intends,'' ''expects,'' ''plans,'' ''goals,'' ''projects,'' ''anticipates,'' ''believes,'' ''estimates,'' ''predicts,'' ''potential,'' or ''continue'' or the negative of these terms or other comparable terminology. These forward-looking statements are only predictions, are uncertain and involve substantial known and unknown risks, uncertainties and other factors which may cause our actual results, levels of activity or performance to be materially different from any future results, levels of activity or performance expressed or implied by these forward-looking statements. We cannot guarantee future results, levels of activity or performance and we cannot guaranty that the proposed transactions described in this press release will occur. You should not place undue reliance on these forward-looking statements, which speak only as of the date that they were made. These cautionary statements should be considered together with any written or oral forward-looking statements that we may issue in the future. Except as required by applicable law, we do not intend to update any of the forward-looking statements to conform these statements to reflect actual results, later events or circumstances or to reflect the occurrence of unanticipated events. See CLS Holdings USA filings with the SEC and on its SEDAR profile at www.sedar.com for additional details.
Contact Information
Corporate:
Chairman and CEO
Jeff Binder
jeff@clsholdingsinc.com
888-438-9132